
North American Bond Research – November 23, 2020
Posted on November 23, 2020
HIGH YIELD BOND RESEARCH
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November 23, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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Pacific Gas & Electric Co. 4.95% 7/1/2050 Constellation Brands Inc. 4.25% 5/1/2023 Vale Overseas LTD 6.25% 8/10/2026 Lennar Corp. 4.75% 11/15/2022 St Marys Cement Inc. 5.75% 1/28/2027 Reg S Lennar Corp. 4.75% 5/30/2025 Service Properties Trust 5.5% 12/15/2027 Micron Technology Inc. 4.185% 2/15/2027 Ford Motor Co. 8.5% 4/21/2023 Bank of Nova Scotia FLT% 9/15/2023 |
Industry Returns Tracker | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | Forward Calendar |
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(None Current 11/23/2020)
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1. Carnival: $1000MM senior unsecured notes (B2/B)
2. American Bath: $335MM senior unsecured notes (Caa2/CCC+) 3. Sinclair: $550MM senior secured notes 4. Ancestry: $450MM senior secured notes (B1/B+) 5. Ancestry: $550MM senior unsecured notes (Caa1/CCC+) 6. Presidio Holdings: $125MM secured notes (B1/B) 7. Empire Resorts Inc.: $475MM senior secured notes (B+/B+) 8. NRG Energy Inc.: $2361MM secured and unsecured notes 9. LABL Inter: $500MM senior PIK toggle (/B-) 10. Franchise Group: $650MM senior secured notes (B1/B+) |
Top Widening Loans | Top Narrowing Loans |
Alorica (USD) TL L+375 06/30/2022 Hurtigruten Group AS (EUR) TLC E+800 06/16/2023 Casper Bidco (EUR) TL E+850 07/30/2027 NPC International Inc. (USD) TL L+350 04/20/2024 BioClinica Inc. (USD) TL L+825 10/06/2024 |
Quorum Health Corp. (USD) TL EXIT L+825 04/29/2025 Greenway Health LLC (USD) TL L+375 02/16/2024 Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Aptean Inc. (USD) TL L+850 04/24/2027 Monotype Imaging Inc. (USD) TL L+550 10/11/2026 |
Loans and Credit Market Overview
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 14 bps (basis points), as of 11/23/2020
- Net negative capital flows into high-yield ETFs & mutual funds
INVESTMENT GRADE BOND RESEARCH
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November 23, 2020
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Key Gainers and Losers | Volume Leaders | ||||||||||||||||||||||||||||||
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JPMorgan Chase & Co. VAR% 11/19/2026 Verizon Communications Inc. 2.65% 11/20/2040 Anheuser-Busch Inbev Worldwide Inc. 4.5% 6/1/2050 Bristol-Myers Squibb Co. 0.75% 11/13/2025 Micron Technology Inc. 2.497% 4/24/2023 Boeing Co. 5.805% 5/1/2050 Verizon Communications Inc. 3% 11/20/2060 Citigroup Inc. 2.572% 6/3/2031 Suzano Austria GmbH 7% 3/16/2047 Reg S JP Morgan Chase & Co. 3.25% 9/23/2022 |
Industry Returns Tracker | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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New Issues | New Issues [Continued] |
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(None Current 11/23/2020)
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Top Widening Loans | Top Narrowing Loans |
Alorica (USD) TL L+375 06/30/2022 Hurtigruten Group AS (EUR) TLC E+800 06/16/2023 Casper Bidco (EUR) TL E+850 07/30/2027 NPC International Inc. (USD) TL L+350 04/20/2024 BioClinica Inc. (USD) TL L+825 10/06/2024 |
Quorum Health Corp. (USD) TL EXIT L+825 04/29/2025 Greenway Health LLC (USD) TL L+375 02/16/2024 Buzz Merger Sub LTD (USD) TLB L+275 01/29/2027 Aptean Inc. (USD) TL L+850 04/24/2027 Monotype Imaging Inc. (USD) TL L+550 10/11/2026 |
SYNDICATED LOANS HIGHLIGHTS:
Deals recently freed for secondary trading, notable secondary activity:
- Symantec Corp., Broadcom LTD, Toll Brothers Inc., Cole-Parmer Instrument Co.
OVERALL CREDIT MARKET:
Long-term bond yields are expected to hit a cyclical peak in 2019 given tight fiscal policy and lagging global economies. Europe remains checked by stubbornly low inflationary forces. Positive effects remained in force:
- TED spread held below 14 bps (basis points), as of 11/23/2020
- Net positive capital flows into high-yield ETFs & mutual funds
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